Distressed Property Solution

Sunday, May 5, 2013

Avoid Foreclosure the Right Way

Missing
mortgage payments is the first sign of incoming foreclosure. Foreclosure is the
legal means for your lender to take over your home. This can lead to you losing
your home and damaging your credit score. Damaged credit score is the worst possible
outcome that is why you should avoid foreclosure at all cost.

When
you receive a foreclosure notice from your lender, do not ignore the message. You
have the options to apply for loan modification, full reinstatement, file for
bankruptcy, or sell your home. Before you decide which option to go, inform
your lender about your situation and be prepared to show financial statements
to support your claim.

Loan
modification and full reinstatement are the easiest ways to stop foreclosure. This
is where you need to negotiate with your lender. If you have recovered from
your financial difficulty and you are now able to make payment, you may extend
the term of your loan allowing you to pay reduce monthly payments. Alternatively,
if you are able to come up with enough money to pay the arrears in full, then
you may qualify for full reinstatement.

If
you are unable to pay the arrears or you can’t commit to a lesser monthly
mortgage, you can file for bankruptcy. Please note that this may or may not
stop foreclosure; but if you are determined to keep your home regardless of the
dent to your credit score this is your only option.

Losing
a home does not necessarily mean it is bad. If you can stop foreclosure and
keep your credit score in good shape, you will be able to purchase a second
home in no time. When you are facing foreclosure, time is of utmost importance.
Sell your home quickly to a private investor like Lucas Properties LLC.

Lucas
Properties buys homes, apartments, and lands with cash allowing owners with
distressed properties to get a second chance in life. Protect your credit score
and get a chance to own a home again.